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Started By
Message
Moving to another town and renting out our current house
Posted on 4/14/14 at 9:29 am
Posted on 4/14/14 at 9:29 am
The wife and I are thinking about leaving Houston, but we have a condo here that we'd rather not sell (thinking of maybe collecting rental properties as we hop from place to place for the rest of our lives)
If we go through a management company to take care of the rental details, what kind of cut can we expect them to take?
If we go through a management company to take care of the rental details, what kind of cut can we expect them to take?
5
Posted on 4/14/14 at 9:36 am to baytiger
where in Houston? i have a buddy looking for a place right now.
Posted on 4/14/14 at 9:42 am to DWaginHTown
it's in midtown, which is a big part of the reason we want to hold on to it. Rent prices are ridiculously high in this area.
And the move is 2-3 months down the road (at least).
And the move is 2-3 months down the road (at least).
Posted on 4/14/14 at 9:47 am to baytiger
quote:
what kind of cut can we expect them to take?
There is no way to answer this question with the few details you have provided.
Call a property management company that deals with rentals in your area and ask.
Posted on 4/14/14 at 9:54 am to I Love Bama
Most likely will charge 10%.
Posted on 4/14/14 at 10:03 am to ItzMe1972
quote:that's a bit lower than I expected
Most likely will charge 10%.
our place would rent out for about $1700 and that would give us a small monthly profit after mortgage/condo fees
Posted on 4/14/14 at 10:28 am to baytiger
I'm not in the Houston market, but the most common number I hear on the east coast is 10% + entire first month's rent (if the company is handling the tenant screening/application process). This is, of course, negotiable
Posted on 4/14/14 at 1:44 pm to baytiger
Most likely will charge 10%.
--------------------------------------------------------------------------------
that's a bit lower than I expected
our place would rent out for about $1700 and that would give us a small monthly profit after mortgage/condo fees
---
Have you taken into account repairs and vacancies too?
IMO, rentals are better when close by.
Posted on 4/14/14 at 2:31 pm to ItzMe1972
quote:
Have you taken into account repairs and vacancies too?
IMO, rentals are better when close by.
pay the $50 for a home warranty policy since you are out of town. Give the tenant the 800 number and have them call if something breaks. You pay a $55 deductible and problem has to be repaired.
List it yourself on Zillow. If it's in a good area, there should be no issue on finding a solid tenant. There are so many service companies from all over that rent appts in Houston to do calls over there in the oilfield and things like that. You be patient and you will find a situation where you have little to worry about.
Good luck
Posted on 4/14/14 at 3:49 pm to baytiger
ill rent from you bay. Screw the management company. I have been living in a rv with my girlfriend for a few months since my downtown apartment was sold to a hotel.
Posted on 4/14/14 at 3:59 pm to baytiger
With the company we use, in BR it's 70% first month's rent. They handle all the find the tenant stuff, lease, showing house, background check, etc. Then when the lease is signed and tenant moves in they hand it over to us. But that's just what we're doing now since we only live 3 hours away. If we lived further away then we'd likely set something up where they handle the whole thing.
Posted on 4/14/14 at 4:11 pm to deNYEd
quote:
ill rent from you bay. Screw the management company. I have been living in a rv with my girlfriend for a few months since my downtown apartment was sold to a hotel.
like I said, this is probably at least 2-3 months away. if we go through with it I'll let you know
the biggest reason I wanted to look into a management company is to deal with repairs and shite while I'm out of reach
Posted on 4/14/14 at 4:49 pm to baytiger
Let me know. Actually about timeframe we are considering. Gf had a boxer on fritz that just passed which is what we were kinda "waiting" for before we would move. Would buy but may only be in Houston for another year or two
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